BUZZ-US chip stocks fall after AMD's downbeat Q4 revenue forecast

Reuters
30 Oct 2024

** U.S.-listed chip stocks fall premarket after Advanced Micro Devices revenue forecast failed to impress investors looking for a bigger windfall from the AI boom

** AMD on Tuesday forecast Q4 rev. just shy of estimates and raised its AI chip sales forecast to $5 bln for 2025 - not enough to impress Wall Street

** Demand for AI chips from big tech companies has been rising much faster than their production

** AMD CEO Lisa Su said that supplies of AI chips would be tight going into next year

** AMD's results weighed on the chip sector

** AMD down 8.5%, while AI darling Nvidia falls 0.8%

** Micron down 1.2%, Broadcom slips 0.5%, and Intel falls 1.2%

** Qualcomm down 2.6%, Super Micro Computer

slips 0.9%

** U.S.-listed shares of British chip designer Arm Holdings

down 2.8%, while Marvell Technology falls 1.3%

** iShares semiconductor ETF down 1.9%, and VanEck Semiconductor ETF slips 1.5%

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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